Complex Made Simple

Alhokair seeking shareholders’ approval for capital hike

Saudi retailer, Fawaz Abdulaziz Alhokair has proposed doubling its capital through a one-for-one bonus issue, Reuters has reported. Capital will be hiked to SR2.1bn ($560m) from SR1.05bn, subject to shareholder approval, it said. The group, which franchises brands such as Zara and Marks and Spencer in the kingdom, said it would convert reserves and retained earnings to new shares for the capital boost, which is designed to support the growth of the company.